- Axie Infinity price plummeted 7% in response to the $600 million hack on the Ronin network.
- The Ronin bridge and Katana Dex have been halted following the recent exploit, costing over $550 million in Ethereum and USD Coin.
- According to an official statement, developers are currently working with law enforcement to get funds recovered or reimbursed.
Axie Infinity price took a massive hit in response to the news of the hack on the Ronin network. The project's official Discord, Ronin network's social media, the Substack page, the Ronin bridge and Katan DEX have all been halted after the network suffered an exploit worth $550 million.
Axie Infinity price plunged with a $550 million exploit on Ronin
Ronin network developers believe the attacker used hacked private keys and forged fake withdrawals, draining funds of the Ronin bridge within two transactions. The hack occurred on March 23; however, it was discovered on March 29, 2022, when a user attempted a withdrawal of 5,000 ETH and failed.
The Ronin bridge has been exploited for 173,600 Ethereum and 25.5M USDC.— Ronin (@Ronin_Network) March 29, 2022
The Ronin bridge and Katana Dex have been halted.
The hack has resulted in a drop in RON, Ronin network's governance token's price. The chain had nine validator nodes, of which five private keys were hacked to gain access to the funds.
Axie Infinity's official Discord channel, Katana DEX, Ronin bridge and Ronin's social media was halted as developers sought support from law enforcement to ensure reimbursement of lost funds. Developers issued a statement saying they are
Currently working with law enforcement officials, forensic cryptographers and our investors to make sure that all funds are recovered or reimbursed. All of the AXS, RON and SLP [tokens] on Ronin are safe right now.
Based on an announcement on the official channel, the exploit consisted of 173,600 ETH and 25.5 million USDC. This totals over $550 million.
Analysts have evaluated the Axie Infinity price trend and predicted a bear market in the gaming token.
Also decided to enter $AXS scalp here— Livercoin (@Livercoin) March 28, 2022
Consolidated after a very decent rally. Reclaimed the range lows and now trying to climb back up.
Shaving off 50% at the local top and letting the rest ride to range high. pic.twitter.com/raSSQd5omL
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Follow us on Telegram
Stay updated of all the news
China coin narrative in play as Coinbase CEO warns of restrictive US crypto policies
Brian Armstrong, CEO and co-founder of cryptocurrency platform Coinbase, shared his thoughts on restrictive US crypto policies in an opinion editorial published by Market Watch on Tuesday.
Ethereum holders pull $1 billion in ETH off exchanges hinting retail-led rally
Ethereum holdings in exchange wallets declined by $1.04 billion between May 8 and May 31. Interestingly, while large wallet investors have shed their Ether holdings, the altcoin got redistributed to addresses with less than 1 ETH.
Dogecoin price action hints DOGE can reverse its bearish trend
Dogecoin (DOGE) price presents a potential for trend reversal provided a certain set of conditions are met. These conditions involve overcoming key hurdles for DOGE bulls and seeing momentum indicators flip bullish on lower time frames.
PEPE price to drop another 15% as altcoin winter is only halfway finished
PEPE price is feeling the frost and cold of the altcoin winter that continues with some notable slides in price valuation in the altcoin space. After price action dropped below $0.0014700, traders must have understood that a turnaround would only occur at a high supportive level.
Bitcoin: BTC delays inevitable crash to $25,000
Bitcoin price is delaying a crash that has been brewing for roughly two weeks. A failure to push higher could result in a steep correction next week. The troubling macroeconomic conditions could be key in catalyzing and trigger a nosedive for BTC holders.